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BHP Billiton Heading For Possible SEC Action

By  +Follow August 16, 2013 11:00AM
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BHP Billiton Ltd. (BHP) , the world’s largest industrial metals and minerals miner, is under renewed scrutiny from the US Securities and Exchange Commission.

In a statement on the company’s website, BHP said that, “The issues relate primarily to matters in connection with previously terminated exploration and development efforts, as well as hospitality provided as part of the company’s sponsorship of the 2008 Beijing Olympics.”

The original SEC inquiry into the matter began in 2009, when the commission requested information from the Australian firm. This resulted in BHP first disclosing that it had potentially discovered evidence of US anti-corruption laws being violated.  But the company’s second, damning disclosure was the result of pressure from the US Department of Justice as well as the Australian Federal Police, both of whom were investigating not only events related to the Beijing Olympic games, but also terminated mineral exploration projects in Cambodia and the Philippines.

On Friday, however, the company looked as though it was trying to get out in front of a scandal of some sort, with the additional disclosure of the possibility of “enforcement actions” being taken against it in the near future.

BHP has just posted a 13th consecutive quarter of record iron-ore production, and earlier in the week CEO Andrew Mackenzie announced that the company would be expanding its shale drilling operations in the US. The company’s stock, however, is down almost 12 percent on the year to its current price of $67.61.

The UK’s Telegraph has had the most thorough report on the matter heading into midday trading. It cited Australian reports from earlier in the year that claimed the company used its involvement in the Beijing Olympic Games to enhance relations with the heads of China’s state operate steel companies, including Chinalco, Baosteel, and the China Iron & Steel Association.

It is not yet clear what sort of action the SEC could take against the company, as all parties have declined to comment, aside from the statement on the company website.

[Image: BHP Billiton's Escondida mine, courtesy of Flickr Creative Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for BHP
Peter
25 Oct 14 02:48:03
“The lowest-cost producer has a right to continue to produce at very high margins in a free market,” $BHP CEO #ausbiz #ironore
Fe Limited
24 Oct 14 23:30:07
$BHP creating value by investing in #ironore: marketing head Balhuizen http://t.co/8FOG6JspXS #resources #steel #metals #mining #chinabiz
wininstocks2014
24 Oct 14 19:19:51
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Colorado Wealth
24 Oct 14 17:54:32
Finally something worth reading http://t.co/0Yqbfq1wPQ $BBL $BHP $COP $GIS $K $LMT #BBL #BHP #COP #GIS #K #LMT
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24 Oct 14 13:28:44
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $BHP $CADX $BSX
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24 Oct 14 11:37:21
$BHP received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 468
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Parksani
24 Oct 14 08:12:51
RT @SharePlanner: Some intriguing long setups: $BHP $CENX $DD $INFY $NUS $RDN
Ryan Mallory
24 Oct 14 08:12:17
Some intriguing long setups: $BHP $CENX $DD $INFY $NUS $RDN
martin pfaender
24 Oct 14 07:31:26
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stockoptsignals
23 Oct 14 22:44:20
$BHP your on my watch list for an entry very soon.
stockblaster14
23 Oct 14 17:39:51
Bhp Billiton Limited (BHP) 58.75 $BHP Global Shale Gas Market Outlook 2020: Market is Forecast to Reach $100+ http://t.co/unqkLCAnl8
luckypete
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A Macdonald-Smith
23 Oct 14 17:19:47
BHP Billiton’s Jac Nasser rejects push for bigger returns $BHP #mining http://t.co/I9rtTABRX2
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23 Oct 14 16:26:59
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Hannah Coulton
23 Oct 14 15:26:32
RT @FinancialReview: $BHP Billiton's Jac Nasser in no hurry to return more cash to shareholders http://t.co/cva7HXGdWJ
Simon P. Hobson
23 Oct 14 15:22:46
Can't leave #ironore in the ground assuming prices will rise: $BHP's Mackenzie http://t.co/ASXT9bjGPG #metals #mining #steel #chinabiz
Ms Tigertale
23 Oct 14 15:22:25
RT @FinancialReview: $BHP Billiton's Jac Nasser in no hurry to return more cash to shareholders http://t.co/cva7HXGdWJ
Financial Review
23 Oct 14 15:13:46
$BHP Billiton's Jac Nasser in no hurry to return more cash to shareholders http://t.co/cva7HXGdWJ
Fe Limited
23 Oct 14 15:00:36
Can't leave #ironore in the ground assuming prices will rise: $BHP's Mackenzie http://t.co/gTcbCUYq8O #metals #mining #steel #chinabiz
Karen  Toms
23 Oct 14 14:05:11
RT @FinancialReview: "The demerger proposal is an important step forward," @BHPBilliton chief tells London AGM. #ausbiz $BHP $RIO http://t.…
Financial Review
23 Oct 14 13:36:35
"The demerger proposal is an important step forward," @BHPBilliton chief tells London AGM. #ausbiz $BHP $RIO http://t.co/KhvQXrq44f
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23 Oct 14 12:05:34
Potential BHP Billiton $BHP Trade Targets 2.88% Return ( http://t.co/O1zfcgrTQR )
Mining HardAssets
23 Oct 14 10:24:02
RT @Metalbanker: Can mining legend Mick Davis do it all again? $BHP $XTA.L $GLEN.L #Niobium | The Australian http://t.co/n3dk4EgPaB
Dividend Master
23 Oct 14 09:57:12
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23 Oct 14 09:39:27
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23 Oct 14 09:15:03
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Kirill Klip
23 Oct 14 09:12:51
RT @Metalbanker: Can mining legend Mick Davis do it all again? $BHP $XTA.L $GLEN.L #Niobium | The Australian http://t.co/n3dk4EgPaB
Anthony Allyn
23 Oct 14 07:46:26
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Sufiy
23 Oct 14 07:33:11
RT @kirillklip: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/6a…
InternationalLithium
23 Oct 14 07:27:32
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
Kirill Klip
23 Oct 14 07:14:51
M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/6ahvUyKSw2
TP Strategic Partner
23 Oct 14 06:42:16
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23 Oct 14 06:30:42
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Kirill Klip
23 Oct 14 06:27:02
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
Sufiy
23 Oct 14 05:17:43
RT @TNR_Gold: M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hy…
Sleek Money
23 Oct 14 04:07:48
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23 Oct 14 03:14:32
M&A Watch: Los Azules #Copper - Acquisitions signal a turning market for #miners. $MUX $TNR.v $GDX $FCX $BHP http://t.co/W2Hyhs54pg
Ro Patel
23 Oct 14 02:18:12
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Jo Masters
23 Oct 14 01:56:49
RT @ClydeCommods: The #ironore giants, $RIO and $BHP, may have won the 1st round, final victory looks far off. http://t.co/cQdhFvJL4S http:…
mongo
23 Oct 14 01:42:24
RT @CommSec: All Ords -3.3pts today. $BHP & $RIO wiped out 9pts from the index while big 4 banks added 8.5pts #ausbiz ^SD
Shareswatch.com.au
23 Oct 14 01:29:18
RT @CommSec: All Ords -3.3pts today. $BHP & $RIO wiped out 9pts from the index while big 4 banks added 8.5pts #ausbiz ^SD
CommSec
23 Oct 14 00:57:34
All Ords -3.3pts today. $BHP & $RIO wiped out 9pts from the index while big 4 banks added 8.5pts #ausbiz ^SD
NASDAQ
23 Oct 14 00:56:24
$BHP - LONDON MARKETS: Tesco Slumps, Sends FTSE Lower For First Time In Three Days http://t.co/upZPZ2Nkyy
Sissi Bellomo
23 Oct 14 00:55:07
RT @ClydeCommods: The #ironore giants, $RIO and $BHP, may have won the 1st round, final victory looks far off. http://t.co/cQdhFvJL4S http:…
Stockaholics
23 Oct 14 00:39:51
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $BHP $CADX $BSX
Clyde Russell
23 Oct 14 00:20:02
The #ironore giants, $RIO and $BHP, may have won the 1st round, final victory looks far off. http://t.co/cQdhFvJL4S http://t.co/GBp9zw3VFv
luckypete
22 Oct 14 23:16:42
$DAX Closed 8940, A/M Went down 35 pts following $dow moves, P/M 8898, FUT 8858 DROPPING FROM 75 pts lower AUS $BHP TO 8825 A BAD HAIR DAY
				
				
By  +Follow August 16, 2013 11:00AM
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